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JP Morgan Fleming (JMO)

  Print      Mail a friend       Annual reports

Friday 03 March, 2006

JP Morgan Fleming

Interim Results

JPMorgan Fleming Overseas IT PLC
03 March 2006

                       LONDON STOCK EXCHANGE ANNOUNCEMENT

                 JPMORGAN FLEMING OVERSEAS INVESTMENT TRUST PLC

                  PRELIMINARY ANNOUNCEMENT OF INTERIM RESULTS



The Directors of JPMorgan Fleming Overseas Investment Trust plc announce the
Company's results for the period ended 31st December 2005.


I am pleased to report another six month period of good progress by the Company
with a net asset value total return of +18.9%, which represents an outstanding
performance compared with +15.1% from the Company's benchmark, the MSCI World
Index in sterling terms. Under the direction of the Board, the Manager has taken
steps to concentrate the investment portfolio further and this has resulted in
the number of holdings in the portfolio reducing to approximately 80. The effect
of this 'sharpening' of our policy has led to an improvement in performance.

The return to shareholders over the period was +30.9%, which takes into account
the narrowing of the discount from 13.3% to 3.1%.

The Board announced on 25th October 2005 that it was conducting a strategic
review and would consider all options available for the future of the Company.
Since then the Board has solicited the views of a number of shareholders. What
is clear from our consultations is that there is demand for a continuing
internationally diversified investment trust to be managed by JPMorgan Asset
Management with a more explicit discount control policy. Certain shareholders
have expressed a desire to realise their investment and the Board has therefore
decided to offer shareholders a cash exit via a tender offer.

The outlook for global economic growth remains positive with specific areas such
as Japan and Global Emerging Markets having enjoyed spectacular investment
growth in recent months. The Board remains impressed by the strength and depth
of the Manager's resources and retains its confidence in their ability to
deliver above average longer term returns for shareholders.



George Paul
Chairman






JPMorgan  Fleming Overseas Investment Trust plc

Unaudited figures for the six months ended 31 December 2005

Income statement (Unaudited)
                        Six months to 31 December 2005  Six months to 31 December 2004       Year to 30 June 2005
                                                                  (restated)                      (restated)
                          Revenue     Capital     Total   Revenue   Capital       Total   Revenue    Capital     Total
                            £'000       £'000     £'000     £'000     £'000       £'000     £'000      £'000     £'000


Realised gains/(losses)
on investments                  -       1,746     1,746         -   (4,309)     (4,309)         -        605       605

Unrealised gains on
investments                     -      61,214    61,214         -    17,345      17,345         -     34,989    34,989

Currency losses on cash
and short-term
deposits                        -        (32)      (32)         -     (158)       (158)         -      (111)     (111)  
                  
                                         
Realised losses on
foreign currency loan           -           -         -         -      (36)        (36)         -       (37)      (37)
                                
Other capital items             -          11        11         -     (114)       (114)         -        (2)       (2)

UK dividend income            761           -       761       742         -         742     1,735          -     1,735

Overseas dividend           2,306           -     2,306     2,038         -       2,038     5,888          -     5,888
income

Deposit interest              122           -       122       175         -         175       339          -       339

Stock lending fees             50           -        50        83         -          83       123          -       123
                          _______    ________   _______   _______  ________     _______   _______    _______   _______

Gross return                3,239      62,939    66,178     3,038    12,728      15,766     8,085     35,444    43,529

Management fee              (406)       (406)     (812)     (361)     (361)       (722)     (732)      (732)   (1,464)

Other administrative
expenses                    (250)           -     (250)     (271)         -       (271)     (506)          -     (506)
                            
Performance fee                 -     (1,726)   (1,726)         -     (139)       (139)         -      (438)     (438)

Interest payable             (15)        (15)      (30)     (208)     (208)       (416)     (284)      (284)     (568)

                          _______     _______   _______   _______   _______     _______   _______    _______   _______

Return before taxation      2,568      60,792    63,360     2,198    12,020      14,218     6,563     33,990    40,553

Taxation                    (275)           -     (275)     (282)         -       (282)     (787)          -     (787)

                           ______     _______   _______    ______   _______     _______   _______    _______   _______

Return after taxation       2,293      60,792    63,085     1,916    12,020      13,936     5,776     33,990    39,766

Return per ordinary         3.29p      87.16p    90.45p     2.74p    17.17p      19.91p     8.27p     48.66p    56.93p
share



The results for the year ended 30th June 2005 and for the six months ended 31st
December 2004 have been restated in accordance with

Financial Reporting Standards 21,25 and 26.


JPMorgan  Fleming Overseas Investment Trust plc
Unaudited figures for the six months ended 31 December 2005
Reconciliation of Movement in Shareholders Funds (Unaudited)




                                                            Capital
                                                         redemption
                                                Share       reserve      Capital      Revenue
                                              Capital                    reserve      reserve
                                                              £'000                                 Total
                                                £'000                      £'000        £'000       £'000
At 30th June 2004 (as previously stated)       17,540        16,405      291,601       12,225     337,771
                                               
Final dividend declared                             -             -            -        4,911       4,911
                                              _______      ________      _______      _______    ________
 At 30th June 2004 (as restated)               17,540        16,405      291,601       17,136     342,682
Shares bought back and cancelled                (105)           105      (1,713)            -     (1,713)
Net return from ordinary activities                 -             -       33,990        5,776      39,766
Final dividend 2004 paid and declared               -             -            -      (4,882)     (4,882)
                                              _______      ________      _______      _______    ________
At 30th June 2005 (as restated)                17,435        16,510      323,878       18,030     375,853
Net return from ordinary activities                 -             -       60,792        2,293      63,085
Final dividend 2005 paid and declared                                                 (5,583)     (5,583)
                                              _______      ________      _______      _______    ________
At 31st December 2005                          17,435        16,510      384,670       14,740     433,355

JPMorgan Fleming Overseas Investment Trust plc
Unaudited figures for the six months ended 31 December 2005


BALANCE SHEET                                                        31 December     31 December         30 June
                                                                            2005            2004            2005
                                                                                       (Restated)      (Restated)
                                                                           £'000           £'000           £'000

Investments at valuation                                                 426,081         357,711         365,243


Net current assets                                                         8,867           2,626          11,003

Creditors (amounts falling due after more than one year)                   (200)        (10,200)           (200)

Provisions for liabilities and charges                                   (1,393)           (105)           (193)
                                                                         _______         _______         _______
Total net assets                                                         433,355         350,032         375,853
                                                                           =====           =====           =====
Net asset value per ordinary share                                        621.4p          501.9p          538.9p

CASH FLOW STATEMENT                                                  31 December     31 December         30 June
                                                                            2005            2004            2005
                                                                           £'000           £'000           £'000

Net cash inflow/(outflow) from operating activities                        1,241         (1,214)           2,666

Net cash outflow from returns on investments and servicing
of finance                                                                  (30)           (549)           (701)
                                                                            

Total tax recovered                                                            5              53              75

Net cash inflow from capital expenditure and financial
investment                                                                 2,132          19,385          34,523
                                                                           

Total equity dividends paid                                              (5,583)         (4,882)          (4882)

Net cash outflow from financing                                                -        (21,769)        (31,778)
                                                                         _______         _______          ______
Decrease in cash for the period                                          (2,235)         (8,976)            (97)
                                                                           =====            ====            ====





Certain figures for the year ended 30th June 2005 and the six months ended 31st
December 2004 have been restated in accordance with Financial Reporting
Standards 21, 25 and 26.



Due to the introduction of Financial Reporting Standard 21, the company is no
longer permitted to accrue unpaid dividends in its accounts. In addition, FRS 25
states that dividends can no longer be presented on the Income Statement. In
respect of the year ended 30th June 2005, the Company paid a dividend of 8.0p
per share (£5,579,000). As a result of buybacks following the year ended 30th
June 2004, £29,000 had been written back to the revenue reserve in the year to
the 30th June 2005. Prior results have accordingly been restated and this has
led to an increase in net assets attributable to shareholders of £5,550,000 for
the year ended 30th June 2005.



The above financial information does not constitute statutory accounts as
defined in Section 240 of the Companies Act 1985. The comparative financial
information is based on the statutory accounts for the year ended 30th June
2005. These accounts, upon which the auditors issued an unqualified opinion,
have been delivered to the Registrar of Companies.




JPMORGAN ASSET MANAGEMENT (UK) LIMITED

3rd March 2006






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